Tag: fuel
India lifts interest rates further to combat inflation
The Reserve Bank of India (RBI) has raised key interest rates for the eleventh time since March 2010, in a bid to tame stubbornly high inflation in a thriving economy. The central bank lifted its main rate to 8% from 7.5% as inflation soars on the back of higher food and fuel prices. In a [...]
South Korean inflation surges to 29-month high
Statistics Korea has today announced the inflation rate has jumped to a 29-month high – driven by higher food and fuel costs. According to Statistics Korea, the consumer price index rose by 4.7% in March on an annual basis. The rate is now at the higher end of the central bank’s 2%-4% target. On a [...]
UK inflation hits 17-month high in April
The Office for National Statistics (ONS) has today announced Consumer Price Inflation (CPI) rose to 3.7% in April – the highest level in 17 months and far exceeding the 2% target. Furthermore, the increase was much higher than analysts’ expectations. The rise was boosted by food, fuel and clothing price gains. Annual food inflation reached [...]
Exxon posts 23% fall in Q4 profits
Exxon Mobil, which is the world’s largest oil company, has today announced a 23% fall in fourth quarter profits. The company reported profits of $6.05 billion (£3.8 billion) for the three months to December 31, compared with $7.82 billion in the same period a year earlier. Revenues grew 7% to $89.84 billion exceeding analysts expectations [...]
Stagecoach profits hit by higher fuel and pension costs
Stagecoach has today reported a fall in first-half profit as a result of higher fuel and pension costs. The bus and rail operator posted a pre-tax profit of £75.5 million in the six months to the end of October – a fall of 28%. However, the profits exceeded market expectations and the group said it [...]
Soaring numbers calling CAB with debt problems
Research has revealed that the number of people contacting the Citizens Advice Bureau (CAB) for help with debt problems has surged by 20% in the last 12 months. The independent charity, which was established 70 years ago to help people with war-related problems, provides information and advice to help people with their money, legal, consumer [...]
UK inflation rises to 1.5% in October
The Office for National Statistics has today announced that Consumer Price Inflation (CPI) rose for the first time in eight months to 1.5% in October from a 5-year low of 1.1% in September. The rise was not unexpected after a sharp fall in transport costs last year was not repeated this year and because fuel [...]
Airline industry suffers amid severe losses
The International Air Transport Association (Iata) said major airlines continue to suffer amid higher fuel prices. According to the industry group, in the first six months of the year, airlines are likely to have lost £3.7 billion. Furthermore, the body said airlines made losses between April and June – the spring season when they would [...]
Ten million homes to benefit from energy saving measures
Over 10 million homes in Britain are to benefit from a government initiative to help reduce fuel bills. With gas and electricity costs soaring in recent months ministers have been under pressure to introduce a windfall tax on utility providers as a means of funding cash handouts to the nation’s poorer families. However, the idea [...]
Japan reveals plans to boost economy
In a bid to boost its economy, Japan has revealed a stimulus package worth 11.7 trillion yen (£59 billion). It is hoped that the package will help citizens cope with rising fuel and food prices and help agricultural and fishing businesses affected by soaring costs. It also aims to reduce expressway tolls, increase medical services [...]
Inflation nearly double 2% target
The growing costs of food and fuel has driven inflation up to 3.8% in June, which is nearly double the 2% target. Food inflation has increased to 10.6%, up from 8.7% in May, primarily due to the rising costs of meat. Meanwhile, petrol prices have increased significantly with the average cost of petrol rising by [...]
